Sony posts quarterly loss, cuts full-year targets
Home entertainment company cuts full-year goal for TV sales
A customer and a clerk talk near Sony Corp’s logo at an electronics store in Tokyo . Photograph: Toru Hanai/Reuters
Sony cut its full-year profit targets and posted a net loss for the September quarter as its struggling TV operation fell back into the red, highlighting the difficulties it faces restoring its electronic hardware operation to profit.
Sony posted a net loss of 19.3 billion yen ($196.65 million) for its second quarter. Its TV operation flipped from a 5.2 billion yen operating profit in the first quarter to a 9.3 billion yen loss.
Its operating profit forecast for the year to next March was cut to 170 billion yen from 230 billion yen, below the average of 221 billion yen expected by 22 analysts surveyed by Thomson Reuters I/B/E/S.
Sony also cut its full-year goal for TV sales, but chief financial officer Masaru Kato said the company was sticking to its target of a full-year profit for its electronics division.